OMAHA, Neb. (3/26/13)--Our Family Social CU (OFSCU) in Omaha, Neb., which serves only direct descendants of a family line, was featured Sunday on news show CBS This Morning, in a story that illustrated the credit union difference.
OFSCU is a microcosm of what credit unions always are doing for their members--helping each other out and cooperating for the good of their members as not-for-profit institutions, says the Credit Union National Association.
The show's producers also visited America's Credit Union Museum in Manchester, N.H., and CUNA's communications staff provided background information for the segment.
OFSCU allows direct descendants of Manley and Lucy Williams or someone married to them to become members after making a $5 deposit and paying a 25-cent handling fee.
The $515,543 asset credit union, run out of the home of the credit union's manager, Sue Cain, has 51l members in 22 states. The credit union is mostly a volunteer enterprise. Cain is a middle school math teacher; Dave Cain, chairman of the board, teaches sixth grade English; and Chief Loan Officer Art Peters works in construction.
As for the credit union difference, it is significant, Peggy Powell, executive director of America's Credit Union Museum, told CBS This Morning. "Banks have shareholders, and they have to satisfy their shareholders; credit unions are not-for-profit organizations," Powell said.
"That does not mean that credit unions don't make a profit," she added. "It means their profits are returned to their members."
To see a transcript of the segment, use the link.